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Monotone Methods for Equilibrium Selection under Perfect Foresight Dynamics

Oyama, Daisuke; Takahashi, Satoru; Hofbauer, Josef - Volkswirtschaftliche Fakultät, … - 2003

This paper studies a dynamic adjustment process in a large society of forward-looking agents where payoffs are given by a normal form supermodular game. The stationary states of the dynamics correspond to the Nash equilibria of the stage game. It is shown that if the stage game has a monotone...

Persistent link: https://www.econbiz.de/10011112753

Prices in Networks

Tan, Hi-Lin - Volkswirtschaftliche Fakultät, … - 2006

When there is strategic complementarity of consumption between neighbors in a social network, we find that certain consumers may have a bigger impact than other consumers on the market demand and therefore the equilibrium price. The influence that a particular consumer has on the market demand...

Persistent link: https://www.econbiz.de/10011206882

Monotone Methods for Equilibrium Selection under Perfect Foresight Dynamics

Oyama, Daisuke; Takahashi, Satoru; Hofbauer, Josef - Volkswirtschaftliche Fakultät, … - 2003

Persistent link: https://www.econbiz.de/10005621218

A Hybrid Sticky-Price and Sticky-Information Model

Bruchez, Pierre-Alain - Volkswirtschaftliche Fakultät, … - 2007

This paper shows that a hybrid of the sticky-price and sticky-information models of price adjustment is able to deliver a hump-shaped inflation response to monetary shocks without counterfactually implying, as in Mankiw and Reis (2002) or Altig et al. (2005), that individual firms' prices change...

Persistent link: https://www.econbiz.de/10005621824

Costly Information, Planning Complementarity and the New Keynesian Phillips Curve

Acharya, Sushant - Volkswirtschaftliche Fakultät, … - 2010

I show that in a setting with costly information processing, strategic complementarity in pricing, by generating planning complementatrities, results in the aggregate price responding slowly to nominal shocks even though individual firm prices change by large amounts in response to idiosyncratic...

Persistent link: https://www.econbiz.de/10008516588

Monotone comparative statics: Changes in preferences vs changes in the feasible set

Kukushkin, Nikolai S. - Volkswirtschaftliche Fakultät, … - 2011

Let a preference ordering on a lattice be perturbed. As is well known, single crossing conditions are necessary and sufficient for a monotone reaction of the set of optimal choices from every chain. Actually, there are several interpretations of monotonicity and several corresponding single...

Persistent link: https://www.econbiz.de/10009147575

A theory of antitrust enforcement game

Jellal, Mohamed; Souam, Said - Volkswirtschaftliche Fakultät, … - 2012

prosecution. More precisely, we explore the efficiency consequences of a contest between the audit inspector and the cartel. Both … of them bid to win the contest by expending efforts. We show that the race issue depends positively on the financial … winning the contest with certainty …

Persistent link: https://www.econbiz.de/10011107712

Strategically Equivalent Contests

Chowdhury, Subhasish; Sheremeta, Roman - Volkswirtschaftliche Fakultät, … - 2014

Using a two-player Tullock-type contest we show that intuitively and structurally different contests can be … equivalent to the original Tullock contest, and provide new examples of strategically equivalent contests. Finally, we discuss … possible contest design applications and avenues for future theoretical and empirical research. …

Persistent link: https://www.econbiz.de/10011107976

Overbidding and overspreading in rent-seeking experiments: Cost structure and prize allocation rules

Chowdhury, Subhasish; Sheremeta, Roman; Turocy, Theodore - Volkswirtschaftliche Fakultät, … - 2014

of a contest. …

Persistent link: https://www.econbiz.de/10011109043

Multiple Equilibria in Tullock Contests

Chowdhury, Subhasish; Sheremeta, Roman - Volkswirtschaftliche Fakultät, … - 2011

We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost structures. We then present existing contests where multiple equilibria exist under reasonably weak conditions.

Persistent link: https://www.econbiz.de/10011109224